Lloyds Banking Group fined £117m for PPI failings by the FCA June 5, 2015 Lloyds has been fined £117m over its handling of Payment Protection Insurance claims – the largest ever handed out by the FCA in relation to PPI. "Whilst our intentions were right, we made mistakes in our handling of some PPI complaints," admitted Lloyds chief Antonio Horta-Osorio. The taxpayer-owned bank was found to have failed in [...]
RBS share price dives to lowest level since 2012 as it announces £2bn provision for fines and £498m write-down for Coutts private banking January 27, 2016 The Royal Bank of Scotland (RBS) has announced a £2.5bn hit on its profits, thanks largely to a £1.5bn provision for claims in the US relating to mortgage-backed securities. The bank's share price was down 3.72 per cent to 251.2p just after markets opened this morning – its lowest since 2012. The bank will make a loss in 2015: [...]
Lloyds Banking Group faces record £100m PPI fine this week June 4, 2015 UPDATE: Lloyds Banking Group fined £117m for PPI failings Lloyds Banking Group could be slammed with a record fine from the FCA for its handling of PPI complaints. The bank – which is currently still part-owned by the taxpayer – could receive a penalty of “well over £100m” from City watchdog the FCA . [...]
Barclays shares suspended from trading after falling 11 per cent March 1, 2016 Trading in Barclays was suspended this morning after the bank's share price plummeted more than eight per cent, following another dismal set of results and news of a major restructure. Barclays' share price tumbled 11 per cent in mid-morning trading, before being halted briefly. Trading was resumed shortly afterwards, but the share price was still down around 10.6 [...]
Profits drop six per cent at Lloyds Banking Group, beating analysts’ expectations April 28, 2016 Shares in Lloyds Banking Group plummeted by as much as four per cent this morning after the bank posted a six per cent drop in profits during the first quarter, beating analysts' expectations, but disappointing investors. Lloyds has since recovered some of the ground, with shares down two per cent by mid-morning, but the fall will still [...]
Lloyds may face record fine over £100m for PPI complaints fiasco June 4, 2015 LLOYDS Banking Group could be slammed with a record fine from the Financial Conduct Authority for its handling of PPI complaints. The bank – which is currently still part-owned by the taxpayer – could receive a penalty of “well over £100m” from City watchdog the FCA . The fine could be made public as early [...]
George Osborne urged to clarify banks’ tax deductions on fines and regulatory costs by Andrew Tyrie and Treasury Select Committee February 7, 2016 George Osborne has been urged to clarify how banks offset the costs of fines such as PPI mis-selling and other regulatory costs against their corporate tax bill. The chair of the influential Treasury Select Committee Andrew Tyrie has written to the chancellor asking him to make clear whether banks can offset the costs associated with regulatory penalties. “It [...]
Complaints to financial services firms dropped in second half of 2015 March 30, 2016 People were much happier with their financial products in the latter half of last year, or, at the very least, they were quieter about any problems they had. The number of complaints to financial services firms inched down in the last six months of 2015, mainly driven by a drop in grievances over savings accounts, figures [...]
Disposing of Royal Bank of Scotland: It’s the only way the chancellor can cut borrowing April 22, 2016 Whilst George Osborne was sipping some Chateau Lynch Bages 2000 as HM Government was entertaining President Obama, he surely must have been ruminating as to how he can get the UK'S borrowing requirement down from the unacceptable level of 83.5 per cent of GDP. He has tried desperately hard in recent years to achieve this goal, [...]
Plevin v Paragon: FCA considers adopting new rules following landmark PPI case May 27, 2015 The FCA is considering whether to introduce new rules around PPI complaints following last year's ruling on the landmark Plevin v Paragon case. Last November the Supreme Court ruled that failing to disclose commission made the relationship between lender and borrower unfair in a case in which Mrs Plevin, a 59-year-old college lecturer, received [...]